Was that the bottom for HIVE?

in hive-167922 •  last month 

HIVE looking like it may have found a near-term bottom

After sliding for much of the last 1.5 months, HIVE finally saw a decent sized bounce...

It's not really anything to get too excited over just yet, but after dropping faster than it had been yesterday, HIVE finally found some support around $.23 and bounced decently back up to about $.27.

On the USD chart, this was one of the better bounces we have seen since that $1 rally a couple months back.

Check it out:

(Source: https://bittrex.com/Market/Index?MarketName=USD-HIVE)

As you can see there is not a ton of history to go off of there, but this is one of the few big green candles we have seen on the HIVE/USD chart.

The BTC chart is also looking like it is trying to bottom...

Things are also looking quite positive on the HIVE/BTC chart as well.

After peaking on April 26th, it has mostly been all downhill there as well.

However, the price finally drifted back to some major support levels and is seeing a nice bounce on that chart as well:

(Source: https://bittrex.com/Market/Index?MarketName=BTC-HIVE)

There is no guarantee this is anything other than a short term blip as of yet, but so far the signs are encouraging.

I picked up a few more HIVE as I mentioned yesterday:

https://hive.blog/hive-148441/@jrcornel/bought-some-more-hive-plus-it-s-a-good-time-to-buy-hbds-on-upbit

But, if that $.23 number does turn out to be the bottom I am going to be kicking myself for not picking up quite a bit more than I did!

Oh well, such is life.

What do you think, is this the near term bottom for HIVE?

Stay informed my friends.

-Doc

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I think hive will take support at $0.20.
A bullish engulfing is forming already

We will soon find out... it's drifting back towards that $.23 number already.

Lets see how things evenyually play out

That HIVE chart looks a lot like typical chart of a shitcoin. Shrugs... When development team and their minions stops pumping the value up, it sinks like Justin Sun's credibility.

What are you implying? That HIVE is simply a pump and dump and on the way to deathville?

What I'm saying is that the chart implies people think it is worth a lot less than the peak value during early days of listing... Using my own classification, it is still "strong sell" when it should already be "strong buy"... Essentially signals say it should uncontrollably sink like K-141 Kursk...

Target price?

I think HIVE should be worth about 20000 satoshis minimum... But the risk is that it will crash to about 200 satoshis instead...

Where do you get the 20000 satoshi number from?

When I was actively trading Steem, I did put buy order at 17000 satoshis... Assuming HIVE should be worth more than Steem was at peak, it should reach 20000 satoshis...

STEEM was worth well over 20000 satoshis at its peak... just a few years ago in 2018 it was worth more than 60000 satoshis and it was worth even more than that when it first launched back in 2016.

Ironic that I was just thinking about you Doc. I saw the price of HIVE go across my screen, with a nice jump, and I wondered if you would put up a post about it. I hit refresh and you were Johnny on the spot.

As for your question, I gave up trying to figure it out. At this moment, the spread between HIVE and STEEM is on the minds of a lot of people since they are powering down.

The only thing I can figure is that there are a lot of HIVE on the exchanges that was airdropped after the powering up of STEEM in the Sun situation. I would believe they have been unloading as soon as they could.

This might explain some of the sell off.

Posted Using LeoFinance

Yes it was pretty telling that as soon as Binance enabled HIVE wallets, there was a ton of dumping coming from there. I have a pretty good guess who was behind most of that. The good news is that I believe that motivated seller is likely mostly out of his airdropped stake at this point.

The price turned down fast. Not good sign. Still waiting for lower :/

Yep, it moved up on its own, but then followed BTC down.

Since the last peak near $1, I've been setting my new buy targets from $0.15 to $0.25 area. I grabbed some on the $0.23 dip as well.

Judging by the recent price action, we may get another shot below there. Especially if the BTC dip to $7,600 happens. In that case HIVE is probably in the low teens...

Agreed. Been watching BTC like a hawk recently, still haven't seen any solid confirmations one way or the other but every time the price gets rejected from the 10-11k range it makes me lean more and more towards at least one more sizable dip before we see a full-on bull market... so much depends on the overall global economic sentiment too, obviously, with all that's gone on this year..

  ·  last month (edited)

Yep exactly. The stock market may have to roll over as well before we see a BTC dip and stocks just keep going higher ever day.

But overall, I am thinking the same way you are based on past patterns and trends. There is likely one more significant dip before The Big One (big rally) begins... at least that has been the trend.

I share the same sentiment on HIVE with you, I think we might move up soonest. HIVE TA on my post is similar to yours.